Does this apply to me?
Only if your Luno account is verified in Malaysia.
You need to contact the Central Bank of Malaysia (BNM) and apply for an approval letter or foreign exchange licence to increase your limit for investment in foreign currency assets.
The imposed annual limit on foreign exchange for resident individuals and entities with DRB is RM 1 million and RM 50 million respectively. If you’ve exceeded your limit, you’ll need to provide us with an approval letter from BNM before you can send any more crypto.
Tip
Not sure how the foreign exchange limit works? Read more on what exactly it is and how it could apply to you here.
What to do next
Register for an account on BNM's Foreign Exchange Policy portal
You'll receive an email from BNM once you've registered. Activate your account by following the link in that email
Go to the login page and sign in with the email and password you provided when registering
Enter the OTP sent to your email
On the FEP portal, select Administration then Update Applicant Profile
Expand the Details of Entity section and select the plus sign
Fill in at least the required fields, then select Save
At the top of the screen, select Application then Submit application
In the Form Selection window, select Investment Abroad, add the IA-OT form for Others (Including Portfolio), then Confirm
Complete your application and press Submit to send it to BNM for review
When you’ve received your approval letter from BNM, you can send it here
We’ll confirm the approval and notify you when crypto sends have been restored to your account.
Tip
You can find more information about using BNM’s foreign exchange portal here.
We’ll review your BNM letter and let you know what the outcome is. There are three possibilities:
Unfortunately, your request for custom limits has been denied. You won’t be able to send more crypto to foreign exchanges for the rest of the year, until the limit resets with the start of the new calendar year.
Your request for custom limits have been approved. We’ll notify you once crypto sends have been restored to your account, and let you know what your new limit is.
Your request for custom limits have been approved. You will not have any limit on the amount of crypto you can send to a foreign exchange.
Note
Updated send limits only apply for the rest of the year. When the new calendar year starts, your limits will be reset to the original threshold.